Sec. 12. (a) Unless the terms of the trust provide otherwise or unless waived in writing by an adult, competent beneficiary, the trustee shall deliver a written statement of accounts to each income beneficiary or the income beneficiary‘s personal representative annually. The statement shall contain at least:

(1) all receipts and disbursements since the last statement; and

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Terms Used In Indiana Code 30-4-5-12

  • Adult: means any person eighteen (18) years of age or older. See Indiana Code 30-4-1-2
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Beneficiary: has the meaning set forth in IC 30-2-14-2. See Indiana Code 30-4-1-2
  • Charitable trust: means a trust in which all the beneficiaries are the general public or organizations, including trusts, corporations, and associations, and that is organized and operated wholly for religious, charitable, scientific, public safety testing, literary, or educational purposes. See Indiana Code 30-4-1-2
  • Court: means a court having jurisdiction over trust matters. See Indiana Code 30-4-1-2
  • in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
  • Income: except as otherwise stated in a trust agreement, has the meaning set forth in IC 30-2-14-4. See Indiana Code 30-4-1-2
  • Income beneficiary: has the meaning set forth in IC 30-2-14-5. See Indiana Code 30-4-1-2
  • Inventory value: means the cost of property to the settlor or the trustee at the time of acquisition or the market value of the property at the time it is delivered to the trustee, or the value of the property as finally determined for purposes of an estate or inheritance tax. See Indiana Code 30-4-1-2
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Person: has the meaning set forth in IC 30-2-14-9. See Indiana Code 30-4-1-2
  • Personal representative: means an executor or administrator of a decedent's or absentee's estate, guardian of the person or estate, guardian ad litem or other court appointed representative, next friend, parent or custodian of a minor, attorney in fact, or custodian of an incapacitated person (as defined in Indiana Code 30-4-1-2
  • Settlor: means a person who establishes a trust including the testator of a will under which a trust is created. See Indiana Code 30-4-1-2
  • Trust for a benevolent public purpose: means a charitable trust (as defined in subdivision (5)), a split-interest trust (as defined in Section 4947 of the Internal Revenue Code), a perpetual care fund established under IC 23-14-48-2, a prepaid funeral plan or funeral trust established under IC 30-2-9, a funeral trust established under IC 30-2-10, a trust or an escrow account created from payments of funeral, burial services, or merchandise in advance of need described in IC 30-2-13, and any other form of split-interest charitable trust that has both charitable and noncharitable beneficiaries, including but not limited to charitable remainder trusts, charitable lead trusts, and charitable pooled income funds. See Indiana Code 30-4-1-2
  • Trust property: means property either placed in trust or purchased or otherwise acquired by the trustee for the trust regardless of whether the trust property is titled in the name of the trustee or the name of the trust. See Indiana Code 30-4-1-2
  • Trustee: A person or institution holding and administering property in trust.
  • Trustee: has the meaning set forth in IC 30-2-14-13. See Indiana Code 30-4-1-2
  • Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(2) all items of trust property held by the trustee on the date of the statement at their inventory value.

     (b) This subsection applies to a charitable trust with assets of at least five hundred thousand dollars ($500,000). The trustee of a charitable trust shall annually file a verified written certification with the attorney general stating that a written statement of accounts has been prepared showing at least the items listed in section 13(a) of this chapter. The certification must state that the statement of accounts is available to the attorney general and any member of the general public upon request. A charitable trust may not be exempted from this requirement by a provision in a will, trust agreement, indenture, or other governing instrument. This subsection does not prevent a trustee from docketing a charitable trust to finalize a written statement of account or any other lawful purpose in the manner provided in this article. However, this subsection does not apply to an organization that is not required to file a federal information return under Section 6033(a)(3)(A)(1) of the Internal Revenue Code.

     (c) Upon petition by the settlor, a beneficiary or the beneficiary’s personal representative, a person designated by the settlor to have advisory or supervisory powers over the trust, or any other person having an interest in the administration or the benefits of the trust, including the attorney general in the case of a trust for a benevolent public purpose, the court may direct the trustee to file a verified written statement of accounts showing the items listed in section 13(a) of this chapter. The petition may be filed at any time; however, the court may not, in the absence of good cause shown, require the trustee to file a statement more than once a year.

     (d) If the court’s jurisdiction is of a continuing nature as provided in IC 30-4-6-2, the trustee shall file a verified written statement of accounts containing the items shown in section 13(a) of this chapter with the court biennially, and the court may, on its own motion, require the trustee to file such a statement at any other time if there is good cause for requiring a statement to be filed.

     (e) Receipt of a statement or accounting by a beneficiary or other interested person is presumed if the trustee has procedures in place requiring the mailing or delivery of an account to the beneficiary or other interested person. This presumption applies to the mailing or delivery of a statement or accounting by electronic delivery or access (as described in IC 30-4-6-6.5), if the beneficiary or other interested person has agreed to receive the statement or accounting by electronic delivery or access.

Formerly: Acts 1971, P.L.416, SEC.6. As amended by P.L.41-2000, SEC.5; P.L.137-2014, SEC.43; P.L.194-2017, SEC.11.

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